Yes that's right, a piece of Italian real estate for just one Euro - or AU$1.57 by current conversion rates.

The town is selling some of its most historic properties for less than the price of your morning coffee.

Its part of the Case a 1 euro (1-euro houses) project, that has sprung from a few Italian municipalities with the intent to counter the population outflow and to give new life to areas in need of a population boost and a facelift.

Gangi, Palermo, Sicily. Source: Case A 1 Euro

The houses being sold are owned by private individuals who want to get rid of them, largely to avoid paying taxes and levies, as well as footing the cost of repairs. Most of the homes are dilapidated or unsafe buildings that require major renovations.

There are a few catches. Those who buy through the project are bound to:

* Plan a restructuring and revaluation project within 365 days of purchase (approximately 20-25 thousand euros).

* Support notary fees for registration, transfers and stacking.

* Pay a bond of 5,000 euros for a period of three years, which is then repaid on maturity

Gangi, Palermo, Sicily. Source: Case A 1 Euro

Gangi, is an ancient Sicilian village in the province of Palermo, that sits at the foothills of the Madonie mountain range

Though it has only a small population of 7,000, the town boasts an array of restaurants, hotels, bars and fresh food markets.

In 2014, it received the coveted title of "The most beautiful village in Italy"

There's also plenty of history in the village, including the Romanesque church of San Giuseppe dei Ricchiand and a 14th-century castle.

So if you can locate those coins, have the blue sky imagination to think about what's possible, and the wherewithal to take your dream to the next level, then this could be the project for you.